The county board of education and each city board of education which receives proceeds of the taxes levied by this subpart may (1) apply and use the proceeds distributed to such board for any public school or public education purpose including, without limitation, the administration, operation, maintenance, repair, restoration, renovation, acquisition, and construction of real and personal property of every kind, nature, and description, or any interests therein (including, without limitation, public school buildings and facilities and public school transportation facilities and busses) and (2) pledge all or a sufficient amount of the proceeds distributed to the board for the benefit of any bonds, warrants, notes, funding agreements, lease agreements, or other obligations delivered or issued by, or for the benefit of, such board of education. The proceeds to be distributed to the county pursuant to paragraph b. of subdivision (1) and paragraph c. of subdivision (2) of Section 45–55–243.10 may be used by the county for any lawful purpose including, without limitation, the payment of the principal of, premium, if any, and interest on any bonds, warrants, notes, securities, funding agreements, or other obligations delivered or issued by the county and such tax proceeds may be pledged for such payment to the extent otherwise permitted by law.
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